SEC Whistleblower Who Risked Personal Safety Receives $1.6 Million Award
Today, the Securities and Exchange Commission (SEC) announced a whistleblower award of $1.6 million granted to an individual who risked their personal safety to report fraudulent activity.
According to the award order, the SEC whistleblower met with the Commission staff and provided original information that was critical to an ongoing investigation into securities fraud.
The SEC Whistleblower Program allows whistleblowers who file for awards to remain completely anonymous and confidential in their proceedings. Whistleblowers who provide the SEC with original information of fraud can become eligible for awards ranging from 10 to 30 percent of the sanctions collected from enforcement actions if the monies exceed $1 million.
Since the Program was established under the Dodd Frank Act of 2010, the SEC has issued approximately $736 million to 128 whistleblowers.
“Today’s award demonstrates the value of whistleblowers to the SEC’s enforcement efforts,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower. “We hope that this award encourages others with information regarding possible securities laws violations to report to the Commission.”
Ben Kostyack also contributed to this article.